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Accounts - Principles of Accounts 2011 JAMB Past Questions

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26
Work-in-progress is the?
  • A. value of party finished goods
  • B. value of finished goods sold
  • C. sales less cost of goods sold
  • D. value of goods produced
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27
The major festure of not-for-profit-making-organization is that they are formed?
  • A. to use accumulated fund to described the net amount owed to members
  • B. mainly to improve the welfare of her member
  • C. to engaged in trading activities to sponsor its activities
  • D. in order to compute the receipts and payment account
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28
The subscription paid in advance is treated in the balance sheet of a club as?
  • A. a surplus
  • B. a liability
  • C. a deflicit
  • D. an asset
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29
The capital of not-for-profit-making organization is referred to as?
  • A. entity fund
  • B. capital owned
  • C. accumulated fund
  • D. capital employed
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30
The major objective of departmental accounts is to ascertain the?
  • A. contribution of each department to profit
  • B. materials sold in each department
  • C. insurance premium payable on employees
  • D. number of employees in each department
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